About Me

When it came time to finance my new car, I had options. I needed to find the best interest rate and the best all-around deal. I knew it would be difficult to obtain a car loan without good credit. While I was certain my credit score wasn't "poor", I wasn't sure about the numbers, so I researched it.
My advice to others looking to finance a new car is to obtain your credit report and credit score first. You can do this online free. If your credit score is poor, your interest rares may be higher, or you may not be able to obtain a loan at all. Conversely, good credit may entitle you to a low interest rate from your car dealership. Otherwise, check with local credit unions and banks. Compare interest rates as I did and nab the best one. Good luck!

Steps To Take If You Can't Get A Traditional Home Loan

There are a number of reasons that can make it difficult to qualify for a home the conventional way. Some people will not qualify for a mortgage due to having large amounts of debt due to starting a business and becoming an entrepreneur. Those who work for themselves may find it difficult to qualify for a mortgage without a lot of documentation for the business and several years worth of tax returns that show the same as your current income. Others may not be able to qualify because of past late payments or defaulting on student loans even though they are being paid off currently. If you cannot get a home loan due to any reason, there are still some steps you can take to buy a house.

Look for a personal loan

Though it can be difficult to get a personal loan for a high amount, it is possible depending on your credit and the type of collateral that you are able to put up. If you have a bank that is willing to work with you as someone with prior bad credit or as a business owner, you may be able to get enough of a loan to purchase a home in your city. You will need to go through the typical application process and you may need to offer collateral (which can include your business), but you can get approved for a personal loan more easily than a home loan in some situations.

Loan through the home builder

Sometimes you can make an arrangement with the builder of a home to purchase the home and lot from them, directly, rather than a bank. Some large construction companies will have the capital to make out loans themselves. You will have to go through the same process of signing a promissory note and making loan payments to the home builder, but they have the option to provide you with a loan even with credit issues.

Borrow from all policies

If you have an IRA and a life insurance policy and a partner with both of these things, this could be enough to net you a home. If you borrow from your IRA you may take a cash penalty, but depending on the deal you get for your home and your age, this could be well worth it. If you have a whole life insurance policy with a good amount of principal built up, you can take out a loan against the principle. IRA loans, life insurance loans or cashing out policies, and loans from family and friends can net you the home of your dreams on terms that you can easily live with.